TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 08, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD swung lower and found support around the previous bearish channel resistance area. Price has been down-trending. The moving averages are starting to tighten, signalling that the down-trend could be coming to an end. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 0.7845, 0.7905, 0.7950 and 0.7995. A bearish move could stall or reverse again around the previous channel resistance area.
The Reserve Bank of Australia (RBA) recently held rates at 1.50%. The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.
The Governor of the Reserve Bank of Australia (RBA) will speak at 0900 UTC today. The RBA will release a monetary policy statement at 0030 UTC.
EURGBP – 1 Hour Chart
The EURGBP is currently retracing some of the recent bullish swing. Price is still within the large bullish channel, suggesting that the EURGBP may attempt to swing higher. Buying opportunities could exist around the previous swing high at 0.8830, around the 50.0% and 61.8% Fib levels and around the bullish channel support area. A move to the upside may be rejected or reverse around the moving averages, around the horizontal levels at 0.8855, 0.8870, 0.8890 and 0.8910 and around the channel resistance area.
Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro. Recent comments by the ECB have been fairly dovish though.
The Bank of England (BoE) will release the official bank rate, bank votes, an inflation report and monetary statement at 1200 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved below the horizontal channel support area and has since been bearish. The EURUSD is below the recent horizontal channel and the moving averages are bearish, all signalling that price could start down-trending. Selling opportunities may exist around the previous horizontal channel support area at 1.2335, around the dynamic resistance of the moving averages and around the trend resistance area.
The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro. Recent comments by the ECB have been fairly dovish though.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD – 1 Hour Chart
Price was rejected at the 50 SMA and has since been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish, signalling that price could continue to be bearish. The GBPUSD is struggling to swing lower though. If price starts to pull-back, opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal level at 1.3995. A bearish move could find support around the horizontal level at 1.3850.
Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.
The Bank of England (BoE) will release the official bank rate, bank votes, an inflation report and monetary statement at 1200 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has been bearish. Price is below the recent consolidation area and has formed a short series of lower swing highs and lower swing lows, all suggesting that the NZDUSD may start down-trending. The moving averages confirm this – they are bearish and steady. Shorting opportunities could exist around the previous horizontal support levels at 0.7255 and 0.7280, around the dynamic resistance of the moving averages and around the trend resistance area. Price may continue to find support around the 0.7180 area.
The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will unlikely be a rate hike in the foreseeable future. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD continued to find support around the 23.6% Fib level and the shorter-term moving average and has since swung higher. Price is bullish and is up-trending. The moving averages are bullish but are tightening, signalling that buying momentum could be weakening. If the USDCAD starts retracing, opportunities to go long may exist around the horizontal levels at 1.2560 and 1.2490 and around the dynamic support of the moving averages.
The Bank of Canada recently raised rates to 1.25%. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF – 1 Hour Chart
Price has been bullish and has moved above the horizontal channel resistance area (as suggested in yesterday’s chart analysis). The USDCHF is above the recent consolidation and the moving averages are bullish, all suggesting that price may start up-trending. Buying opportunities could exist around the previous horizontal channel resistance area at 0.9390, around the dynamic support of the moving averages and around the trend support area. A move higher may stall or reverse around the horizontal levels at 0.9540 and 0.9640.
The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The CHF is a safe-haven currency, which means it could strengthen if uncertainty in the US, the UK or Europe intensifies or if the possibility of war between the US and North Korea starts to solidify.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY – 1 Hour Chart
The USDJPY continues to be indecisive and move within a large triangular consolidation. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around any of the horizontal levels at 108.30, 108.50, 108.95, 110.40 and 111.15 and around the support and resistance areas of the triangular pattern.
The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets continue to be bearish, the Yen may continue to strength.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the selling momentum has continued. GOLD has moved below the recent bearish channel support area. Price is down-trending. The moving averages are bearish and are widening, signalling that the downside momentum may continue. Selling opportunities could exist around the previous channel support area (as resistance), around the horizontal levels at 1321.60 and 1328.90 and around the dynamic resistance of the moving averages.
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